EU mergers and takeovers (April 15)

8 Min Read

BRUSSELS, April 15 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:

APPROVALS AND WITHDRAWALS

— Italy’s doBank S.p.A. to acquire sole control over Altamira Asset Management S.A. and its affiliates with the exception of Altamira Asset Management Cyprus which will remain under joint control with Cyprus Cooperative Bank (approved April 12)

NEW LISTINGS

— Dutch infrastructure investor Omers Infrastructure and U.S. bank Morgan Stanley to jointly acquire German logistics company VTG (notified April 11/deadline May 23/simplified)

— Italian pipe maker Tenaris <TENR.MI > and Russian steel producer Severstal to set up a joint venture (notified April 10/deadline May 22/simplified)

— Australian bank Macquarie, China Investment Corp, German insurer Allianz, UK fund manager Dalmore and UK infrastructure investment company International Public Partnership to jointly acquire British grid operator National Grid’s gas distribution business (notified April 10/deadline May 22/simplified)

EXTENSIONS AND OTHER CHANGES

— Swedish telecoms provider Telia Company to acquire Bonnier Broadcasting which includes brands such as Swedish TV4 and streaming service C More and Finnish MTV (notified March 15/deadline extended to May 10 from April 24 after Telia offered concessions)

MAY 8

MAY 10

— British private equity company 3i Group, TIIC 2 and Aberdeen Infrastructure to acquire joint control over DirectRoute Holdings in relation to the acquisition of an interest in a concession for the operation and maintenance of the M8 Rathcormac/Femoy Bypass toll road in Ireland (notified March 29/deadline May 10/simplified)

— Swiss insurer Swiss Life and British private equity firm Montagu to jointly acquire German property developer Pondus (notified March 29/deadline May 10/simplified)

MAY 13

— Polish investment company Polski Fundusz Rozwoju (PFR), Singapore shipping terminal operator PSA and Australian investment manager IFM Investors to acquire joint indirect control of quay operator DCT Gdansk and its parent company Gdansk Port Holdings which is owned by Australian fund Macquarie (notified April 1/deadline May 13/simplified)

- Iconex to acquire sole control over R+S Group and Hansol Denmark and its subsidiary Schades Group (notified April 1/deadline May 13)

— Investcorp Investment Holdings and Aberdeen Asset Management plc to set up a joint venture (notified April 1/deadline May 13/simplified)

— British car parts distributor Alliance Automotive Group, which is a unit of U.S. car parts distributor Genuine Parts Company, to acquire Dutch peer PartsPoint Group (notified April 1/deadline May 13/simplified)

MAY 17

MAY 20

— Electronic and motor manufacturing company Nidec to acquire sole control of U.S. white goods maker Whirlpool Corp’s compressor subsidiary Embraco (notified Oct. 8/deadline extended to May 20 from May 13)

JUNE 3

JUNE 5

— Germany’s Thyssenkrupp and India’s Tata Steel to set up a steel joint venture (notified Sept. 25/deadline extended to June 5 from May 13 after offering concessions)

SEPT 6

— U.S. aluminum company Novelis, which is a unit of India’s Hindalco Industries Ltd, to acquire aluminum processor Aleris (notified Feb. 18/deadline extended to Sept. 6 from Aug. 8)

DEADLINE SUSPENDED

— German energy company E.ON to acquire German peer Innogy’s retail and network activities (notified Jan. 31/deadline suspended on March 22)

DEADLINES:

The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company’s proposed remedies or an EU member state’s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.

SIMPLIFIED:

Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Clare Roth;)